The Nigerian equities market kicked off the week on a bullish note on Monday, 12 January 2026, as renewed investor participation pushed market capitalization beyond the ₦104 trillion mark for the first time this year.
The All-Share Index (ASI) advanced by 946.6 points, closing at 163,244.7 points, comfortably above the 163,000 threshold. The gain reflects growing confidence across both mid- and large-cap stocks amid heightened trading activity.
Market turnover expanded significantly during the session, with 1.14 billion shares exchanged, compared with 624 million shares in the previous trading day. The surge points to increased engagement from market participants, as buying interest broadened across sectors.
Total market capitalization rose to ₦104.5 trillion, up from ₦103.7 trillion recorded at the end of last week, with trades executed across 59,359 deals.
Market performance snapshot
The ASI’s 0.58 percent daily gain lifted the market’s year-to-date return to 4.90 percent, reinforcing the positive tone that has carried into early 2026.
Several stocks closed the session at the maximum allowable gain. Deap Capital Management, Etranzact, UPDC, McNichols, RT Briscoe, and Red Star Express each posted 10 percent price increases, reflecting strong demand.
On the downside, Champion Breweries and Eunisell Interlinked led the decliners, falling by 8.51 percent and 8.01 percent, respectively, as some investors booked profits or rebalanced positions.
Activity leaders
In terms of volume, Sovereign Trust Insurance recorded the highest turnover with 307.4 million shares traded. Fidelity Bank followed with 158.3 million shares, while LinkAssure accounted for 118.7 million shares.
Mutual Benefits Assurance and Lasaco Assurance rounded out the top five volume drivers, trading 31.4 million and 31 million shares, respectively.
Measured by transaction value, Fidelity Bank emerged as the most traded stock, with deals worth ₦3.1 billion. Aradel Holdings followed at ₦1.4 billion, while Zenith Bank, Eunisell, and Sovereign Trust Insurance recorded transaction values of ₦1.1 billion, ₦1.05 billion, and ₦1 billion, respectively.
Top gainers
- ETRANZACT — up 10.00% to ₦16.50
- REDSTAREX — up 10.00% to ₦11.55
- MCHNICHOLS — up 10.00% to ₦6.05
- UPDC — up 10.00% to ₦5.50
- RTBRISCOE — up 10.00% to ₦3.96
Top losers
- CHAMPION — down 8.51% to ₦15.05
- EUNISELL — down 8.01% to ₦156.20
- IKEJAHOTEL — down 8.00% to ₦36.80
- GUINEANS — down 7.30% to ₦1.27
- OMATEK — down 3.12% to ₦1.24
SWOOTs and banking stocks
Stocks classified as SWOOTs—those with market capitalization exceeding ₦1 trillion—mostly traded higher. Lafarge Africa advanced 6 percent, Nigerian Breweries gained 4 percent, Aradel rose 3.73 percent, while International Breweries added 0.68 percent.
Stanbic IBTC Holdings was the notable laggard in the segment, slipping marginally by 0.09 percent.
Within the FUGAZ banking group, performance was mixed but largely positive. First HoldCo led the pack with a 5.21 percent gain, followed by Access Holdings, which rose 1.55 percent, and GTCO, up 0.25 percent. UBA and Zenith Bank ended the session flat.
Why investors are watching
The ASI’s ability to sustain levels above 163,000 points suggests that investor confidence remains firm, particularly in systemically important stocks. The combination of strong volume and broad-based participation indicates that the current rally is being driven by fundamentals rather than short-term speculation alone.
Market outlook
With the All-Share Index holding above a key psychological level, bullish momentum remains intact across large- and mid-cap stocks. If buying pressure continues and market breadth stays strong, further upside may be possible.
That said, analysts caution that the market appears technically stretched, raising the likelihood of a short-term pullback. Investors are therefore advised to balance optimism with prudent positioning as the market digests recent gains.
